Supplemental Executive Retirement Plan (2007)Full Document 

Start of Preview

TUBE CITY IMS CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

In recognition of the valuable services provided to Tube City IMS Corporation (the “Company”) and its affiliates by certain key employees, the Company wishes to provide additional retirement benefits to those individuals whose benefits under the Profit Sharing Plan (as defined herein) are restricted by operation of the provisions of the Internal Revenue Code of 1986, as amended (the “Code”). It is the intent of the Company to provide these benefits under the terms and conditions hereinafter set forth.

This plan was originally established by EnviroSource, Inc. (the former name of the Company) and was named the EnviroSource, Inc. Supplemental Executive Retirement Plan. The Plan is now amended and restated to change the name of the Plan to the Tube City IMS Corporation Supplemental Executive Retirement Plan, make certain changes to the Plan to comply with section 409A of the Code, freeze the Plan as to Participants who are no longer eligible to participate after December 31, 2005 and make other desired changes. The Plan is intended to constitute a top hat plan under section 201(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and, as such, to be exempt from all of the provisions of Parts 2, 3, and 4 of Title I of ERISA

ARTICLE 1

Definitions

 

  1.1 “Affiliate” shall mean any company that (i) is included as a member with the Company in a controlled group of corporations, within the meaning of section 414(b) of the Code; (ii) is a trade or business (whether or not incorporated) included with the Company in a group of trades or business under common control, within the meaning of section 414(c) of the Code; or (iii) is required to be aggregated with the Company pursuant to section 414(m) or 414(o) of the Code and regulations thereunder.

 

  1.2 “Beneficiary” means the person(s) designated by a Participant under (a) the Profit Sharing Plan, or (b) if no such designations are made, the Participant’s surviving spouse or, if there is no surviving spouse, his or her estate.

 

  1.3 “Board” means the Board of Directors of Tube City IMS Corporation or any authorized committee thereof.

 

  1.4 “Code” means the Internal Revenue Code of 1986, as amended.

 

  1.5 “Committee” means the committee appointed by the Board to administer the Plan.

 

  1.6 “Company” means Tube City IMS Corporation.

 

  1.7 “Compensation” means “Compensation” as that term is defined under the Profit Sharing Plan, without regard to the dollar limitation imposed under section 401(a)(17) of the Code.


  1.8 “Effective Date” means (a) the original effective date of the Plan is January 1, 1994, and (b) the effective date of the Plan as amended and restated which is January 1, 2006, as the context requires.

 

  1.9 “Employee” means an employee of the Employer (including an officer or director who is also an employee).

 

  1.10 “Employer” means the Company and each other Affiliate that has elected to cover its Employees hereunder by resolution of its board of directors.

 

  1.11 “Employer Matching Contribution” means the actual matching contribution made by the Employer to the Profit Sharing Plan, on behalf of a Participant

 

  1.12 “Employer Profit Sharing Contribution” means the actual profit sharing contribution made by the Employer to the Profit Sharing Plan, on behalf of a Participant.

 

  1.13 “IMS Plan” means the Retirement Plan for Salaried Employees of International Mill Service, Inc.

 

  1.14 “Individual Account” means the account established pursuant to Section 3.1.

 

End of Preview